S 623
Default Prevention Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Default Prevention Act establishes priorities for how the U.S. government would handle its financial obligations if the debt limit is reached. This bill ensures that payments to active-duty military personnel, Social Security and Medicare benefits, and Veterans Affairs programs would receive priority over other federal debts. If Congress is notified, the Treasury Department can temporarily issue additional debt to cover these critical obligations, utilizing specific ‘extraordinary measures’ to avoid exceeding the debt limit.
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